Is your mortgage loan forgiven when you outlive the lender? Certain legal loopholes may make it a possibility, but don’t bet on it. Q: I have paid $30,000 of a $60,000 mortgage on vacant land but then got behind on payments. The owner has failed to foreclose. I have continued to pay the real estate [...]
When your short sale is a foreclosure in sheep’s clothing, what can you do to make sure you don’t lose any of your deposits? Here’s what I suggest. Q: I read with interest your definition of a short sale in a recent column in the real estate section of our paper. We have a contract [...]
Because lenders have the right to place a lien on any investment property you own, it’s important to act quickly or risk losing the property altogether. Q: A bank foreclosed on a property I owned with a business partner. The bank sold the property but the proceeds from the sale weren’t enough to cover the [...]
After foreclosure, homes go to sheriff's sale to satisfy the amount owed on the mortgage. Whether you still owe money after the sale depends on a few factors. Q: My house sold at Sheriff's auction to my mortgage lender. They have recently sold it, how do I get information that my loan was covered and [...]
Foreclosure can be a difficult financial hurdle to overcome, but buying a house in your child's name might not be the wisest solution. Q: It's been a year since my foreclosure, I'm renting now but the rent is high in Chicago where I live. If I bought another house and got a mortgage it would [...]
https://www.youtube.com/watch?v=_okLABk-rBo Zombie foreclosures are lingering on in many real estate markets, and many buyers are wondering, are they a smart investment? Zombie foreclosures are homes that were vacated by the owners after the foreclosure process began. During the foreclosure process, which can take up to several years, these properties may have gotten [...]
Buying a foreclosed home through an auction may get you a great deal on a house, but it may also come with some unusual complications--like the former owners still living inside. While the foreclosed owners do have to leave eventually, every new owner fears the worst: They may be tempted to do a little damage on [...]
Now that prices are rising and the number of homeowners defaulting on their mortgages has slowed to a trickle, you might think it’s impossible to find a deal on a foreclosure. There’s no doubt the foreclosure picture has changed dramatically in the past two years, but there are still many discounted properties available if you [...]
Home prices are rising and foreclosures have gone down but several risk factors still face the 2014 housing market recovery. Daren Blomquist, Vice President of RealtyTrac, shared these four trends for the 2014 housing market recovery. RealtyTrac is a company that collects and analyzes real estate data and is one of the only major real [...]
Price is a huge factor for investors and hedge fund groups that are interested in real estate investing. For that reason, many investors turned to purchasing foreclosures in recent years—the properties were discounted, and many were in great locations that were previously cost prohibitive. But as the number of investors snapping up distressed properties grew, [...]
